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电子行业:下游需求疲软,板块业绩分化-2018年报及2019年一季报业绩综述
下游需求疲软,板块业绩下行。受国际贸易争端、智能手机销量下滑、部分行业景气低迷等多方面因素的影响,电子行业2018年和2019年第一季度整体业绩疲软,营收净利增速下行。2018年电子板块营收19529.66亿元,同比增长14.88%,增速为近十年来最低值;2018年电子板块归母净利润为670.56亿元,同比减少22.01%,为近年来首次出现负增长;2019Q1电子板块营收/归母净利润增速分别为12.35%和-11.67%,业绩未见明显改善。
1.行业整体情况 ......................................................................................................................................................... 5
1.1 行业整体业绩 ...................................................................................................................................... 5
1.2 申万行业比较 ...................................................................................................................................... 8
2.细分板块分析 ....................................................................................................................................................... 10
2.1 消费电子:智能手机出货乏力,企业业绩同比下滑 .................................................................... 10
重点公司跟踪 ........................................................................................................................................... 12
2.2 半导体:景气度回落,板块业绩分化 ........................................................................................... 13
重点公司跟踪 ........................................................................................................................................... 20
2.3 印刷电路板:产业转移+5G 推动,行业持续高景气 .................................................................... 20
重点公司跟踪 ........................................................................................................................................... 22
2.4 被动元件:充分受益被动原价涨价趋势 ........................................................................................ 22
重点公司跟踪 ........................................................................................................................................... 24
2.5 面板:面板价格下行,厂商业绩承压 ............................................................................................ 24
重点公司跟踪 ........................................................................................................................................... 26
2.6 安防:一季度中标数据不佳,业绩同比回落 ................................................................................ 26
重点公司跟踪 ........................................................................................................................................... 27
3. 投资策略.............................................................................................................................................................. 27
风险提示 .................................................................................................................................................................... 31